Worldwide Real GDP growth from 1980 to 2029, by countries

The 2024 real GDP growth data reveals fascinating patterns in global economic dynamism, with notable contrasts between emerging and advanced economies. Guyana leads with an extraordinary growth rate of 33.9%, primarily driven by its expanding oil sector and related investments, though this high percentage should be considered in the context of its relatively smaller economic base.

Macao SAR’s significant rebound of 13.9% reflects its strong recovery in the gaming and tourism sectors following the lifting of COVID-19 restrictions. Palau’s 12.4% growth similarly suggests a tourism-led recovery in the Pacific region. These high growth rates in smaller economies demonstrate how specific sectors can dramatically influence overall economic performance.

African nations show remarkable dynamism, with Niger (10.4%), Senegal (8.3%), Rwanda (6.9%), and Côte d’Ivoire (6.5%) all demonstrating robust growth. This pattern suggests an emerging economic vitality in parts of Africa, driven by factors such as infrastructure development, demographic dividends, and improving governance structures. Libya’s 7.8% growth likely reflects ongoing recovery and oil sector developments.

India’s 6.8% growth rate positions it as one of the fastest-growing major economies, highlighting its continued economic momentum driven by domestic consumption, digital transformation, and manufacturing sector expansion. This performance is particularly impressive given India’s large economic base.

The regional comparisons especially tell us that emerging and developing Asia leads with 5.2% growth, followed by ASEAN-5 at 4.5%, while advanced economies show more modest growth rates. The stark contrast between emerging market and developing economies (4.2%) and advanced economies (1.7%) highlights the continuing shift in global economic dynamism toward developing regions.

The Euro area’s modest 0.8% growth and the European Union’s 1.1% reflect ongoing challenges in developed European economies, including energy transition costs, demographic challenges, and structural economic issues. Similarly, the Major advanced economies (G7) show restrained growth at 1.7%, suggesting a broader pattern of slower expansion in mature economies.

The global average of 3.2% growth indicates a moderate pace of worldwide economic expansion, with emerging markets and developing economies clearly driving much of this growth while advanced economies experience more modest expansion. This pattern continues to reshape the global economic landscape, gradually shifting economic weight toward emerging markets.